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Binance denies allegations of market manipulation

The large cryptocurrency exchange Binance defends itself against allegations that it manipulates the market and works against the interests of its users.

In a Twitter thread on Monday, Binance explained, the crypto market manipulation allegations are due to news platforms that spread fear, uncertainty and doubt. In addition, some people pretended to be employees of the stock exchange. The company said it “reserves the right to take legal action to protect its interests”. The stock exchange is not against “responsible whistleblowing that protects the trust of our community”.

The exchange “Binance has never acted against the interests of its users or manipulated the market and never will,” as the statement went on to say.

It is unclear whether the exchange was referring to a specific incident. Previously, a Twitter user named RealFulltimeApe had on Saturday asserts“Binance has” an overview of large levels of liquidity and is intentionally pumping the price to make a profit. ” The user claims that he is a former “big data engineer” at the stock exchange and that he will “soon provide evidence”. At the time of going to press, however, there was still no evidence.

“I have several audio and video files in the office in which management clearly talks about quickly liquidating the over-indebted ‘long and short positions’ before prices rise or fall further to add to the insurance fund and the company’s profits rise”, so the user.

Several countries, including Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and the Netherlands, have issued warnings against Binance Holdings Limited and cautioned investors. Some also said the company did not have a license to operate. The warnings from these regulators have likely resulted in some financial institutions no longer allowing their customers to send payments to the exchange.

In this context: Binance in the crosshairs: more attention to cryptocurrencies by regulators?

There were also several class action lawsuits against the stock exchange alleging that it violated the rules for futures trading. Italian legal and advisory firm Lexia Avvocati announced in July that it represents investors who have lost “several million” dollars because they cannot manage their trading positions and see their account balances as the crypto exchange operates for several days on different days Hours offline. Liti Capital, a Swiss legal aid provider, made similar claims in a class action lawsuit in August.

Cointelegraph has asked Binance for a comment, but has not received a response as of press time.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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